Constellation Brands
STZ NYSE Distillers & Vintners Financials FY2017–FY2026
Constellation Brands' revenue fell 10.5% to $9.1 billion in fiscal 2026. Its operating margin was 29.8%, up from 3.5% a year earlier. Free cash flow was $1.8 billion, down 7.4%. It paid out $1.6 billion in dividends and buybacks, 91% of free cash flow.
About these figures. Constellation Brands reports earnings per share and share counts separately for its classes of stock, which the SEC's structured data leaves out, so per-share figures are blank.
What Constellation Brands does
Constellation Brands makes and sells beer, wine and spirits, with operations in the U.S., Mexico, New Zealand and Italy. Its beer brands include Modelo Especial, Corona Extra, Pacifico and Victoria. Its wine and spirits brands include Kim Crawford, Ruffino, The Prisoner Wine Company, Robert Mondavi Winery, Mi CAMPO and High West.
It reports three segments: Beer, Wine and Spirits, and Corporate Operations and Other. Beer is the core, and the company says it depends on sales of its beer brands. In the U.S. it holds an exclusive sub-license to use the trademarks for its beer brands, so it does not own all of those marks outright. Its Wine and Spirits segment sells higher-priced wine and spirits in the U.S.
The company runs its own marketing, sales and customer service teams for each segment. At the end of February 2026 it had approximately 9,400 employees, including about 1,100 at a glass-making joint venture it owns equally with Owens-Illinois. That plant supplies approximately 60% of the glass bottles for its beer brands. During fiscal 2026 it spent more than $700 million on added brewing capacity and expects to keep adding it.
- Legal name
- CONSTELLATION BRANDS, INC.
- Fiscal year ends
- February 28, 2026
- Latest annual report
- 10-K · Apr 22, 2026
- Accession · CIK
- 0000016918-26-000011
0000016918
Revenue and margins
Constellation Brands had $9.1B of revenue in fiscal 2026, down 10.5% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.8B in fiscal 2026, 19.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Constellation Brands returned $1.6B to shareholders in fiscal 2026, 91% of free cash flow. The diluted share count rose 0.0%.
Value Constellation Brands yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$10.5B and divides by 0.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Constellation Brands can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $199M | $134M | $152M | $68.1M | $102M |
| Debt incl. finance leases | $10.4B | $12.5B | $11.9B | $11.5B | $10.6B |
| Net debt / EBITDA | 3.8x | 3.8x | 3.3x | 14.3x | 3.3x |
| Debt / equity | 0.9x | 1.5x | 1.2x | 1.7x | 1.3x |
| Interest coverage | 6.3x | 6.8x | 7.2x | 0.9x | 7.5x |
| Current ratio | 1.2x | 1.2x | 1.2x | 0.9x | 1.1x |
| Quick ratio | 0.7x | 0.5x | 0.5x | 0.6x | 0.6x |
| Total assets | $25.9B | $24.7B | $25.7B | $21.7B | $21.9B |
| Total liabilities | $13.8B | $15.9B | $15.6B | $14.5B | $13.5B |
| Shareholders' equity | $11.7B | $8.4B | $9.7B | $6.9B | $8.1B |
| Net debt (− = net cash) | $10.2B | $12.4B | $11.7B | $11.4B | $10.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.0M
3 insiders
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | — | — | — |
| Gross margin rose | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −4.2% | −13.7% | −4.5% |
| Altman Z'' | 3.36 | 2.43 | 3.57 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Constellation Brands STZ | — | −10.5% | 29.8% | 19.6% | 10.7% | — | — | |
| Molson Coors TAP | $8.2B | −4.2% | −21.0% | 9.6% | −10.7% | — | 3 | Compare → |
| Brown–Forman BF-B | $13.5B | −1.2% | 25.5% | 22.7% | 12.9% | 19.0x | 6 | Compare → |
| Boston Beer SAM | $2.1B | −2.4% | 7.4% | 11.0% | 15.4% | — | 7 | Compare → |
| Anheuser-Busch InBev BUD | — | −0.8% | 26.0% | 18.9% | — | — | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $7.3B | $7.6B | $8.1B | $8.3B | $8.6B | $8.8B | $9.5B | $10.0B | $10.2B | $9.1B |
| Gross profit | $3.5B | $3.8B | $4.1B | $4.2B | $4.5B | $4.7B | $4.8B | $5.0B | $5.3B | $4.7B |
| Operating income | $2.4B | $2.3B | $2.4B | $2.2B | $2.8B | $2.3B | $2.8B | $3.2B | $355M | $2.7B |
| Interest expense | $335M | $334M | $379M | $449M | $419M | $369M | −$416M | $444M | $418M | $362M |
| Pretax income | $2.1B | $2.3B | $4.1B | −$945M | $2.5B | $310M | $384M | $2.2B | −$82.8M | $2.4B |
| Income tax | $550M | $22.7M | $686M | −$967M | $511M | $309M | $422M | $457M | −$51.7M | $621M |
| Net income | $1.5B | $2.3B | $3.4B | −$11.8M | $2.0B | −$40.4M | −$71.0M | $1.7B | −$81.4M | $1.7B |
| Cash flow | ||||||||||
| Cash from operations | $1.7B | $1.9B | $2.2B | $2.6B | $2.8B | $2.7B | $2.8B | $2.8B | $3.2B | $2.7B |
| Capital expenditure | $907M | $1.1B | $886M | $727M | $865M | $1.0B | $1.0B | $1.3B | $1.2B | $875M |
| Free cash flow | $789M | $874M | $1.4B | $1.8B | $1.9B | $1.7B | $1.7B | $1.5B | $1.9B | $1.8B |
| Depreciation and amortization | $248M | $300M | $339M | $332M | $299M | $342M | $387M | $429M | $447M | $420M |
| Stock-based compensation | $56.1M | $60.9M | $64.1M | $60.4M | $63.0M | $44.9M | $68.5M | $63.6M | $72.2M | $67.7M |
| Acquisitions | $1.1B | $150M | $45.6M | $36.2M | $19.9M | $53.5M | $37.1M | $7.5M | $159M | $0.0M |
| Share buybacks | $1.1B | $1.0B | $504M | $50.0M | $0.0M | $1.4B | $1.7B | $250M | $1.1B | $924M |
| Dividends paid | $315M | $400M | $558M | $569M | $575M | $573M | $588M | $654M | $732M | $716M |
| Dividends and buybacks | $1.4B | $1.4B | $1.1B | $619M | $575M | $2.0B | $2.3B | $904M | $1.9B | $1.6B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $177M | $90.3M | $93.6M | $81.4M | $461M | $199M | $134M | $152M | $68.1M | $102M |
| Total debt | $9.2B | $10.2B | $13.6B | $12.2B | $10.4B | $10.4B | $12.5B | $11.9B | $11.5B | $10.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $25.3M | $15.5M | $19.9M | $26.2M | $17.8M | $8.7M | $11.2M |
| Current assets | $3.2B | $3.5B | $3.7B | $3.5B | $3.0B | $3.3B | $3.5B | $3.7B | $3.7B | $2.9B |
| Current liabilities | $2.7B | $2.0B | $3.2B | $2.3B | $1.3B | $2.7B | $3.0B | $3.1B | $4.0B | $2.7B |
| Inventory | $2.0B | $2.1B | $2.1B | $1.4B | $1.3B | $1.6B | $1.9B | $2.1B | $1.4B | $1.4B |
| Property and equipment, net | $3.9B | $4.8B | $5.3B | $5.3B | $5.8B | $6.1B | $6.9B | $8.1B | $7.4B | $8.5B |
| Total assets | $18.6B | $20.5B | $29.2B | $27.3B | $27.1B | $25.9B | $24.7B | $25.7B | $21.7B | $21.9B |
| Total liabilities | $11.7B | $12.5B | $16.4B | $14.8B | $13.2B | $13.8B | $15.9B | $15.6B | $14.5B | $13.5B |
| Shareholders' equity | $6.9B | $8.0B | $12.6B | $12.1B | $13.6B | $11.7B | $8.4B | $9.7B | $6.9B | $8.1B |
| Margins | ||||||||||
| Gross margin | 48.1% | 50.3% | 50.3% | 49.8% | 51.8% | 53.4% | 50.5% | 50.4% | 52.1% | 51.6% |
| Operating margin | 32.6% | 30.1% | 29.7% | 25.8% | 32.4% | 26.4% | 30.1% | 31.8% | 3.5% | 29.8% |
| EBITDA margin | 36.0% | 34.0% | 33.9% | 29.8% | 35.9% | 30.3% | 34.2% | 36.1% | 7.9% | 34.4% |
| Net margin | 20.9% | 30.4% | 42.3% | −0.1% | 23.2% | −0.5% | −0.8% | 17.3% | −0.8% | 18.5% |
| FCF margin | 10.8% | 11.5% | 16.8% | 21.9% | 22.5% | 19.0% | 18.2% | 15.2% | 19.0% | 19.6% |
| Returns | ||||||||||
| Return on capital | 11.7% | 13.3% | 9.1% | 6.7% | 9.2% | 5.1% | 6.6% | 11.7% | 1.4% | 10.7% |
| Return on capital employed | 15.6% | 13.3% | 10.8% | 8.4% | 11.0% | 9.5% | 12.7% | 14.3% | 1.8% | 14.8% |
| Return on equity | 22.7% | 31.0% | 33.5% | −0.1% | 15.5% | −0.3% | −0.7% | 19.0% | −1.0% | 22.5% |
| Return on assets | 8.6% | 11.8% | 13.8% | −0.0% | 7.3% | −0.2% | −0.3% | 6.9% | −0.3% | 7.8% |
| Growth | ||||||||||
| Revenue growth | 1.4% | 3.5% | 7.1% | 2.8% | 3.3% | 2.4% | 7.2% | 5.4% | 2.5% | −10.5% |
| Net income growth | 44.9% | 50.7% | 49.2% | −100.3% | — | −102.0% | — | — | −104.7% | — |
| FCF growth | 51.0% | 10.8% | 55.6% | 34.2% | 6.4% | −13.6% | 2.6% | −12.2% | 28.3% | −7.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 3.4x | 3.9x | 4.9x | 4.9x | 3.2x | 3.8x | 3.8x | 3.3x | 14.3x | 3.3x |
| Debt / equity | 1.3x | 1.3x | 1.1x | 1.0x | 0.8x | 0.9x | 1.5x | 1.2x | 1.7x | 1.3x |
| Interest coverage | 7.1x | 6.8x | 6.4x | 4.8x | 6.7x | 6.3x | 6.8x | 7.2x | 0.9x | 7.5x |
| Current ratio | 1.2x | 1.7x | 1.2x | 1.5x | 2.4x | 1.2x | 1.2x | 1.2x | 0.9x | 1.1x |
| Quick ratio | 0.5x | 0.7x | 0.5x | 0.9x | 1.4x | 0.7x | 0.5x | 0.5x | 0.6x | 0.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 12.4% | 14.0% | 10.9% | 8.7% | 10.0% | 11.6% | 11.0% | 12.7% | 11.9% | 9.6% |
| Stock comp / revenue | 0.8% | 0.8% | 0.8% | 0.7% | 0.7% | 0.5% | 0.7% | 0.6% | 0.7% | 0.7% |
| Payouts / FCF | 182.3% | 164.6% | 78.1% | 33.9% | 29.6% | 117.0% | 132.9% | 59.8% | 95.7% | 91.4% |
| Quality scores | ||||||||||
| Altman Z'' | 2.9 | 3.3 | 3.1 | 3.3 | 4.1 | 3.5 | 3.1 | 3.4 | 2.4 | 3.6 |
| Accruals ratio | −0.9% | 1.9% | 4.8% | −9.1% | −3.0% | −10.4% | −11.2% | −4.2% | −13.7% | −4.5% |
Source: SEC EDGAR XBRL filings (CIK 0000016918). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.